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Lavipharm’s Annual Shareholders’ Meeting: Extroversion and reinforcement of competitiveness

Lavipharm’s Annual Shareholders’ Meeting: Extroversion and reinforcement of competitiveness

 

Lavipharm’s Annual Shareholders’ Meeting was held today, with the required quorum, at the corporate headquarters in Peania.

At the opening of the Meeting, Lavipharm’s Chairman & CEO, Dr. Athanase Lavidas, referring to the adverse economic situation, highlighted: “Great upheaval occurred in the pharmaceutical field in 2010, affecting significantly the sales of the pharmaceutical companies. Reductions in drug prices led to decreased sales, slowing down the activity level and dramatically affecting the profit margins of the industry’. He continued: “In this changing environment, we, at Lavipharm, have promptly begun implementing a well and flexibly designed business strategy in order to maintain our strong position locally, to enhance our international presence by promoting our products to more markets abroad and to strengthen our competitiveness through further rationalization of expenditures and increase of productivity”.

During the Annual Shareholders’ Meeting, it was noted that the validation of the production of the transdermal fentanyl system in the U.S. was successfully completed. In addition, in 2010, the product received regulatory approval in 21 European countries. Moreover, it was stated that Lavipharm entered into a new cooperation with Pfizer for the co-marketing of its fentanyl patch in the Greek market. Regarding the financial results of 2010, Mr. Ioannis Papadopoulos, the new Chief Financial Officer, presented the financial report of the last year and the results of the first quarter of 2011. During his presentation, he emphasized the company’s efforts to absorb the decline in profitability resulting from reduced pharmaceuticals’ prices, by cutting administrative costs in 2010.

Regarding the first quarter of 2011, he noted that despite the intensely negative economic environment, Lavipharm SA increased local and international sales by 20% and 27% respectively, while increasing the EBITDA by 475 K. Euro Lavipharm’s Annual Shareholders Meeting concluded with the discussion and approval of the agenda, including the unanimously three-year term re-election of the Board of Directors, composed by Dr. Athanase Lavidas, Tania Vranopoulos, Vana Lavidas, Dimitris Gertsos, Christos Diamantopoulos, Lito Ioannidou, Odysseas Kyriakopoulos, Minas Tanes and Nikolaos Houlis. Specifically, the resolutions of the General Assembly are posted on the website of the Athens Stock Exchange and that of Lavipharm (www.lavipharm.com).

Lavipharm is an integrated Group engaged in the research, development, manufacturing, marketing, sales, wholesaling, distribution, and retailing of pharmaceutical, cosmetic and consumer health products in Greece with a strong international activity.